Music Venue Audius Drains 18M Worth of AUDIO Tokens in an Exploit
Audius (a Web3-based venue for music) lost up to 18M in “AUDIO” (its local token) after a hacker attacked the venue. Generally, the proposals are unanimous in the crypto communities. The exploiter additionally selected this method to effectively carry out the exploitation. A foul management proposal was presented by the attacker on the Audius platform and was eventually approved. After proposing a bid for the transaction of 18 million in AUDIO coins, the hacker stole the respective tokens from Audius.
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18M AUDIO Coins Taken away by Exploiters
Recently, Proposition #85 (an abusive proposal) was submitted by the attacker on Audius pursuing the grant of 18M AUDIO tokens. After the proposal was brought to the community, it was successfully approved by the polling of the community members. “@spreekaway” – a Twitter consumer – was the initial person who informed about the event. A mischievous demand was made by the hacker in the proposal to be the only keeper of the respective management contract.
Simultaneous to this, it is additionally significant to be mentioned that the worth of 18M in AUDIO tokens equals 6.1M in US dollars at the moment. The platform has also made a statement on the topic, saying that the incident is in their knowledge and they are engaged in taking some measures to deal with the issue by a thorough investigation along with informing the community about the likely findings.
Audius Halts and Resumes Token Operations
Just after the malicious episode, the entirety of the Ethereum blockchain-based AUDIO coins as well as Audius contracts was stopped by the venue. The cumulative amount of AUDIO coins that the exploiter remained successful in swindling was almost $6M. Just some moments after taking the exploited funds, the hacker traded them in return for $1.08M. As elaborated by Peckshield, Audius’ unreliable storage layout is the thing that caused the exploit.
As claimed by Audius’ CEO as well as co-founder “Roneil Rumburg,” some bad mechanism was utilized by the hacker to get the malicious proposal approved and the community did not do this. Sometime after the incident, the halted operations of Audius contracts and AUDIO were again started by the company and it asserted that they have done a great study to make sure that no such incident takes place in the future.
According to the questions asked by the users, they are not certain about the stolen funds, nonetheless, Audius claimed that the existing consumer funds are isolated and immune to any further exploit.
